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Portland hotel continues construction

Monday, February 9, 2009

Construction on a hotel in Portland, Maine continues at a rapid pace while other projects flounder
Construction on a hotel in Portland, Maine continues at a rapid pace while other projects flounder

Hotel construction is often seen as a predictor of the state of the economy, but in Maine while a number of construction projects are stalling a hotel is on target to finish this summer.

According to the Kennebec Journal, the Residence Inn by Marriott in Portland, Maine is on target to meet its July opening with about 140 contractors on site.

The $25 million hotel is being built in Portland's waterfront area and is the largest construction project in the city. It hopes that the hotel will be an anchor for further development of the area which would include condominiums and storefronts, according to the paper.

"These are defining investments in that end of the waterfront," said Greg Mitchell, Portland's economic development director. "They'll help define the direction of that area."

Portland's situation seems to be much different from the rest of the country with USA Today reporting that new hotel construction has dropped throughout the U.S. as credit has become harder to come by and the state of the economy scaring some in the industry.

A new hotel casino in Atlantic City halted interior construction earlier this month due to financial problems.ADNFCR-2034-ID-19016781-ADNFCR

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